Pakistan discovers 'huge' reserves of iron ore

Published February 11, 2015
Initial estimates indicate discovery of 500 million tonnes of iron ore. -Reuters/File Photo
Initial estimates indicate discovery of 500 million tonnes of iron ore. -Reuters/File Photo

LAHORE: Pakistan on Wednesday said it has discovered major reserves of iron ore as well as copper, silver and gold in its central province of Punjab.

The reserves were found in Chiniot, around 160 kilometres northwest of Lahore, by Chinese group the Metallurgical Cooperation of China.

A senior provincial administrative official told AFP that initial estimates indicated 500 million tonnes of iron ore, a primary ingredient in steelmaking, had been discovered.

He said the Chinese company has expressed interest in setting up a steel mill on the site, adding that the extracted iron had been tested in Swiss and Canadian laboratories, which found 60-65 per cent of it to be high grade.

The official added that silver, copper and gold samples would also be sent for testing soon.

Speaking at the site on Wednesday, Prime Minister Nawaz Sharif said the discovery could help Pakistan's stuttering economy turn a corner and end its “begging bowl” culture.

“It is Allah's blessing that under the lush green fields rich deposits of copper, iron and gold have been found, which will help the country get rid of the 'begging bowl' for good,” Nawaz said.

Conflict, instability, corruption and a chronic energy shortage have hampered Pakistan's economy for years. The IMF granted a $6.6-billion loan to Pakistan in September 2013 on the condition that it carry out extensive economic reforms, particularly in the energy and taxation sectors.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Half victories
Updated 01 Dec, 2023

Half victories

Nawaz Sharif cannot be considered irrational for lacking faith in the judicial process.
AIDS alarm
01 Dec, 2023

AIDS alarm

AS countries observe World AIDS Day today, it is a moment of reflection for Pakistan, which is grappling with an...
Turbat protest
01 Dec, 2023

Turbat protest

ONCE again, people in Balochistan are out on the streets against the alleged excesses of the state. The trigger of...
Political sacrifice
Updated 30 Nov, 2023

Political sacrifice

Imran deserves praise for displaying political maturity in handling party's chairmanship transition.
‘Quick-fix’ nation
30 Nov, 2023

‘Quick-fix’ nation

THE impulse for policy prescriptions that will quickly ‘fix’ the rotten economy, create tens of hundreds of jobs...
Narcotics menace
30 Nov, 2023

Narcotics menace

WE are watching a tragedy unfold — the curse of substance abuse and addiction hits every fourth household in...